NYC taxes

[ironmike9110]

im trying to get an estimate of NYC taxes.

Lets say your a single male making $70,000 gross a year, how much would you net?

[undertoes]

40k after taxes

[frogoutofwater]

I found this website - it might help: http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp

I'd be interested to hear from anyone who actually has a New York City paycheck as to whether the calculation is reasonably accurate.

[ironmike9110]

40k after taxes

DAMN! thats almost done to half :mad:

[lofter1]

And at $70K gross there's the Alternative Minimum Tax to look forward to.

But they don't get you with at until tax time rolls around -- I dread to find out what Uncle Sam is going to cut from my gut this year (as the AMT is based on some bizarre Washington-based 1968 calculus; it's on a sliding scale and only gets more burdensome to the taxpayer with each passing year).

:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

[shocka]

I found this website - it might help: http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp

I'd be interested to hear from anyone who actually has a New York City paycheck as to whether the calculation is reasonably accurate.

This calculator is extremely accurate in my experiences. This is the tool I use when it comes to salary negotiations.

[shocka]

And at $70K gross there's the Alternative Minimum Tax to look forward to.

But they don't get you with at until tax time rolls around -- I dread to find out what Uncle Sam is going to cut from my gut this year (as the AMT is based on some bizarre Washington-based 1968 calculus; it's on a sliding scale and only gets more burdensome to the taxpayer with each passing year).

:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:


I just read up on this .. every site i came across, all can not explain how AMT really works! Apparently there is no set salary for AMT.
Lofter, can I ask how you have come across the 70K gross number? Especially since one site calculates AMT on a 47K salary!

[lofter1]

I just mentioned AMT in connection with $70K because that was the salary posted earlier.

Each year the threshold for those subject to AMT gets lower (and the number subject to paying it grows) so i wouldn't be surprised if the bottom level is now at $48K.


Check this out (from wikipedia (http://en.wikipedia.org/wiki/Alternative_Minimum_Tax)):
The AMT was introduced by the Tax Reform Act of 1969 (http://en.wikipedia.org/wiki/Tax_Reform_Act_of_1969),[1] (http://en.wikipedia.org/wiki/Alternative_Minimum_Tax#_note-0) and became operative in 1970. It was intended to target 155 high-income households that were eligible for so many tax benefits that they wound up paying little or no income tax under the tax code of the time ...



Critics of the AMT argue that it suffers from various flaws:
The AMT is not indexed with inflation (http://en.wikipedia.org/wiki/Inflation), which leads to a lower cutoff as time goes by.
The Congressional Budget Office estimates that in 2006 34.6% of taxpayers in the $50,000 to $100,000 AGI range will owe AMT.[3] (http://en.wikipedia.org/wiki/Alternative_Minimum_Tax#_note-1) For 2004 (the most recent year with released figures), $50,000 of AGI represents the 69th percentile of income.[4] (http://en.wikipedia.org/wiki/Alternative_Minimum_Tax#_note-2)



The IRS estimates that by 2010, 34% of all individual filers who pay income tax will be subject to the AMT

... More and more individual taxpayers are falling into what is being called the "AMT" trap. For many taxpayers, the common question is, "How do I avoid AMT"? The simple answer is to have less tax preference deductions on your Schedule A.

The biggest tax preference item on your Schedule A is state income taxes and real estate taxes. In any given year, if your Alternative Minimum Taxable Income (AMTI) is greater than your Regular Taxable Income, you may want to push your last real estate tax payment and state estimated taxes into the upcoming year. If the upcoming year is projected to have more income than the current year you should do it since there would be no tax benefit in the current anyway.

[DarrylStrawberry]

Does anyone know how real estate taxes are calculated for townhouses?

Are there variations for 1 or 2 family residences? Corner properties? Storefronts? I know very little about the subject...any input would be appreciated.

[Valor08]

Don't forget the sales tax that's pretty big in NYC too. :p